Question did this lily come already potted?
first looks like a Hardy by the pads.
water lilies are suseptible to crown rot and root rot...some more so then others a few common ones are Attraction, Alba, Chromatella. If this was an already potted lily I would remove it from the pond, because if it is either of these the fungas could spread.
Carefully remove the tuber from the pot it is in, and gently rinse it..inspect it for any rotting parts (they will be soft) on the tuber and rotting roots, they will be soft and black not a nice white. remove all rotted areas and or roots if there are any and all pads and stems with black/brown rot. Then dip the tuber either in a PP solution or eaisier and most people have it, a light bleach solution...10% or less. This will kill any bugs or fungas...now rinse again very good in water. Next replant using new heavy dirt (toss the old dirt, clean the pot good..use a bleach solution on it also and rinse well) not burrying the tuber, put it in at an angle with the crown end and stems out of the dirt a good inch or top with some pea gravel, place it in its own container of water to let the dirt settle. Keep an eye on it to see if new pads are doing well and return it to the pond.